Workers at the HCM City-based Nha Be PV Oil Store under the Vietnam National Oil and Gas Group. Viet Nam has managed to keep inflationat 5 per cent despite the recent fall in oil prices. — VNA/VNS Photo Huy Hung

HA NOI (Biz Hub)— Prime Minister Nguyen Tan Dung has assured the nation that Viet Nam's gross domestic product (GDP) and inflation are still under control and are expected to hit their targeted 6.2 per cent and 5 per cent for 2015.

During the monthly meeting of Government in Ha Noi yesterday, he pressed for additional solutions to stabilise the macro-economy and remove any barriers to business.

The PM hailed efforts by ministries, agencies and localities to achieve socio-economic development goals from the start of the year.

He said that during January, farming, industrial production, and service sectors had shown strong progress, social welfare had been comprehensively provided, and political security and social order maintained.

He urged Cabinet members to design methods to improve the business climate, accelerate the pace of agricultural restructuring, "new-style rural area" construction, and reform credit institutions.

Participants also discussed a tax exemption policy for goods traded in border areas, a draft decree on policies for Party, State and socio-political organisation officials unqualified for re-appointment in terms of age, and a draft resolution on attracting and training outstanding students and young scientists through 2020.

They also evaluated a pilot project on food safety inspection in Ha Noi and HCM City and a report on methadone treatment for drug addicts in rehabilitation centres.

Business growth

Prime Minister Dung also urged ministries and localities to work together to remove difficulties for small- and medium-sized businesses, and help them boost growth.

Dung, also the Cabinet leader, asked ministers to make more efforts to simplify administrative procedures and improve business environments, focusing on taxes, customs, land use, business registration and power access.

At the same time, it is crucial for ministers to step up the process of restructuring State-owned enterprises, public investments and credit organisations, while lowering bad debt to less than 3 per cent and maintaining a stable exchange rate.

He said the plunge in world oil prices was an emerging problem that called for caution and specific measures to minimise impacts on economic growth. He added that all targets for the year should be maintained, particularly the goals of 6.2 per cent GDP growth, budget collections and spending, and an inflation rate of 5 per cent.

On the new rural area building programme, Dung said the goal of having 20 per cent of communes nationwide fulfill all criteria by the end of 2015 and 50 per cent by 2020 is quite feasible. He asked the Finance Ministry to search for more resources for the programme.

The government leader also asked ministries and localities to continue efforts to improve the quality of health care, cultural services and education.

He said he required close co-ordination among ministries and localities when managing prices and ensuring supplies of goods during Tet. They needed to deal with trade fraud and speculation, as well, he said. Authorities must also ensure social welfare policies are fully implemented, and take better care of the poor, welfare beneficiaries, and people in remote and mountainous areas during the festival, he said.

Dung also emphasised that it's important to continue strengthening defence and security to firmly safeguard national sovereignty, as well as ensure social order and safety during Tet. — VNS